92220, Banning, CA

Banning, California is located in the San Bernardino County and has a population of over 100,000 people. The median household income in Banning is $64,000 and the median home value is $236,500. Banning has a strong economy with many businesses and industries located here. Home equity is important to many people in Banning and home prices are high compared to other areas of the country.

The average home price in Banning was $236,500 as of September 2017. This represents an increase of 2% from the previous year and an increase of 9% from September 2016. The average home value in Banning has increased by over 50% since 2007 when the average home value was $158,200. In terms of monthly appreciation rates, Banning ranks first out of all zip codes in California with an annualized rate of 7%. This means that on average, homes have increased by 7% each month since 2007.

One reason for the high home values in Banning is that there are very few homes available for sale compared to other areas of the country. In fact, as of September 2017 there were only 1,814 homes available for sale within a 10-mile radius of Banning which is less than one-third the number available for sale within a 20-mile radius (5,711) and one-sixth the number available for sale within a 30-mile radius (13,921). This shortage has led to higher prices and faster appreciation rates because there are more buyers interested in purchasing homes here than there are homes available for sale.

Another factor contributing to high home values in BanNING is that mortgage rates have remained low throughout most of this decade despite increasing inflation rates overall. As a result, homeowners have been able to borrow more money against their homes than they would have been able to borrow if mortgage rates had risen along with inflation over this period. Additionally, many homeowners here have taken advantage of low interest rates by refinancing their mortgages multiple times which has also contributed to higher home values here.